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pishuonlain [190]
3 years ago
10

Using a perpetual inventory system, the seller’s journal entry to record the sale of merchandise on account includes a:_________

.
A. Credit to Cost of Goods Sold
B. Debit to Inventory
C. Credit to Purchases
D. Debit to Accounts Receivable
Business
1 answer:
alexandr1967 [171]3 years ago
5 0

Answer:

D. Debit to Accounts Receivable

Explanation:

Transaction of sale in Perpetual Inventory system will be recorded as follow:

                                          Dr.    Cr.

Account Receivable         xxx

Sales                                          xxx

Cost of Goods Sold          xxx

Merchandise Inventory            xxx

There is no entry to purchases, cost of goods sold is debited and inventory is credited. So, the only correct option which is dealt in above transactions.

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When the demand for bikes has considerably increased with a rise in price by $10, then the profit also increases by $10 on every bike sold.

<h3>What is meant by profit?</h3>

Profit is an incentive earned by a company by selling its products at a price higher than the original cost.

From the provided situation, it has been analyzed that there is a direct relationship between price and demand, which means an increase in demand leads to a rise in prices also. This will ultimately raise the profits of a company in respect of goods sold.

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Learn more about the economic profit in the related link:

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